Silicon Valley tops the list of highest paid metropolitan areas when it comes to tech talent, with an average annual salary of $108,603 and an average annual bonus of $12,458. The seven percent year-over-year increase in salary was partially driven by those tech professionals earning more than $250,000 being included in this year’s results. Excluding those highly paid professionals, Silicon Valley salaries still increased at a greater rate than the national average or five percent year-over-year.

Looking at median rent as a share of median income, the supposedly exceptionally tight San Francisco market isn't the least affordable city. It ranks 7th nationally. To date, all I've read is anecdotal data supporting the claim that artificial housing supply restriction is the culprit for gentrification. Meanwhile, gentrification is occurring just about everywhere (even in dying Rust Belt cities) in a variety of policy geographies.